MIDD The Middleby Corp
The Middleby Corporation, a Delaware corporation (“Middleby” or the “company”), through its operating subsidiary Middleby Marshall Inc., a Delaware corporation (“Middleby Marshall”) and its subsidiaries, is a leader in the design, manufacture, marketing, distribution, and service of a broad line of (i) foodservice equipment used in all types of commercial restaurants and institutional kitchens, (ii) food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and (iii) premium kitchen equipment including ranges, ovens, refrigerators, ventilation and dishwashers primarily used in the residential market.
Company profile
Ticker
MIDD
Exchange
Website
CEO
Timothy John Fitzgerald
Employees
Incorporated in
Location
Fiscal year end
Industry (SEC)
SEC CIK
Corporate docs
IRS number
363352497
MIDD stock data
()
Calendar
7 May 20
8 Jul 20
2 Jan 21
News
Company financial data Financial data
| Quarter (USD) | Mar 20 | Dec 19 | Sep 19 | Jun 19 | |
|---|---|---|---|---|---|
| Revenue | 677.46M | 787.63M | 724.01M | 761M | |
| Net income | 73.78M | 109M | 82.02M | 92.21M | |
| Diluted EPS | 1.33 | 1.96 | 1.47 | 1.66 | |
| Net profit margin | 10.89% | 13.84% | 11.33% | 12.12% | |
| Operating income | 105.41M | 152.03M | 121.35M | 139.61M | |
| Net change in cash | 286.54M | 7.32M | 5.49M | 477K | |
| Cash on hand | 381.04M | 94.5M | 87.18M | 81.69M | |
| Cost of revenue | 427.27M | 497.95M | 453.99M | 474.53M |
| Annual (USD) | Jan 16 | Jan 15 | Jan 11 | |
|---|---|---|---|---|
| Revenue | 1.83B | 1.64B | 719.12M | |
| Net income | 191.61M | 193.31M | 72.87M | |
| Diluted EPS | 3.36 | 3.4 | 3.97 | |
| Net profit margin | 10.49% | 11.81% | 10.13% | |
| Operating income | 302.6M | 300.43M | 122.79M | |
| Net change in cash | 11.58M | 3.73M | ||
| Cash on hand | 55.53M | 43.95M | 40.22M | |
| Cost of revenue | 1.12B | 995.95M | 432.44M |
Financial data from company earnings reports
Recent insider trades
| Date | Owner | Security | Transaction | Code | 10b5-1 | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|---|
| 29 May 20 | Robert A Nerbonne | Common Stock | Buy | Aquire P | No | 68.1229 | 2,700 | 183.93K | 12,900 |
| 21 May 20 | Robert A Nerbonne | Common Stock | Buy | Aquire P | No | 64.924 | 1,540 | 99.98K | 10,200 |
| 13 May 20 | Robert A Nerbonne | Common Stock | Buy | Aquire P | No | 56.88 | 1,750 | 99.54K | 8,660 |
| 11 May 20 | Robert A Nerbonne | Common Stock | Buy | Aquire P | No | 60.6158 | 1,670 | 101.23K | 6,910 |
| 11 Apr 20 | Bryan E. Mittelman | Common Stock | Grant | Aquire A | No | 0 | 2,649 | 0 | 14,905 |
Institutional ownership Q1 2020
95.7% owned by funds/institutions
13F holders |
Current |
|---|---|
| Total holders | 307 |
| Opened positions | 40 |
| Closed positions | 110 |
| Increased positions | 106 |
| Reduced positions | 113 |
13F shares |
Current |
|---|---|
| Total value | 14.34B |
| Total shares | 53.18M |
| Total puts | 151.6K |
| Total calls | 107K |
| Total put/call ratio | 1.4 |
Largest owners |
Shares | Value |
|---|---|---|
| EdgePoint Investment | 5.68M | $323.19M |
| Vanguard | 5.12M | $291.03M |
| FRLG Goldman Sachs | 4.69M | $266.74M |
| FSZ Fiera Capital | 3.5M | $199.12M |
| JPM JPMorgan Chase & Co. | 3.02M | $171.51M |
| BLK BlackRock | 2.83M | $160.75M |
| Rothschild & Co Wealth Management UK | 1.88M | $107.06M |
| JHG Janus Henderson | 1.64M | $93.15M |
| Capital Research Global Investors | 1.62M | $92.27M |
| Disciplined Growth Investors | 1.51M | $85.78M |
Financial report summary
?Competition
Dover • Illinois Tool Works • Panasonic • Whirlpool • Sedona • Toastmaster • Samsung Electronics • Star • Heartland • IrelandRisks
- The COVID-19 pandemic has, and likely will continue to, adversely impact and pose risks to the company, the nature and extent of which are highly uncertain and unpredictable.
Management Discussion
- NET SALES. Net sales in fiscal 2019 increased by $236.5 million, or 8.7%, to $2,959.4 million as compared to $2,722.9 million in fiscal 2018. The increase in net sales of $278.9 million, or 10.2%, was attributable to acquisition growth, resulting from the fiscal 2018 acquisitions of Hinds-Bock, Ve.Ma.C, Firex, Josper, Taylor, M-TEK, and Crown and the fiscal 2019 acquisitions of EVO, Cooking Solutions Group, Powerhouse, Ss Brewtech, Pacproinc, Synesso, and Brava. Excluding acquisitions and closure of a non-core business, net sales decreased $33.3 million, or 1.2%, from the prior year. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars for fiscal 2019 decreased net sales by approximately $36.1 million or 1.3%. Excluding the impact of foreign exchange, acquisitions and closure of a non-core business, sales increased 0.1% for the year, including a net sales increase of 1.6% at the Commercial Foodservice Equipment Group, a net sales decrease of 3.3% at the Food Processing Equipment Group and a net sales decrease of 2.0% at the Residential Kitchen Equipment Group.
Content analysis
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H.S. sophomore Avg
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New words:
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Removed:
achieved, acquiring, amendment, amounting, application, arising, Atmospheric, automation, bakery, Boston, Bothell, Canada, capitalize, Castelnuovo, cease, classification, closure, consolidation, cumulative, de, design, designer, disaggregate, display, disposition, drink, enable, exercise, expansion, expect, extend, finance, foreseeable, fourth, fulfillment, funding, Grange, grill, inception, increasing, ineffective, integration, Latin, lease, listed, located, long, longer, manufacturer, MAP, Mar, mix, nonemployee, OCI, October, organizational, oven, package, Pineda, Portland, principle, pronouncement, published, qualifying, Rangone, recently, reclassification, redundant, refund, Release, rent, requirement, Rockton, ROU, Rule, Sedico, seller, Simplification, space, Spain, stranded, submitted, testing, Toronto, treated, twelve, virtually, warehouse, world
Financial reports
10-Q
2020 Q1
Quarterly report
7 May 20
10-K
2019 FY
Annual report
26 Feb 20
10-Q
2019 Q3
Quarterly report
7 Nov 19
10-Q
2019 Q2
Quarterly report
8 Aug 19
10-Q
2019 Q1
Quarterly report
9 May 19
10-K
2018 FY
Annual report
27 Feb 19
10-Q
2018 Q3
Quarterly report
8 Nov 18
10-Q
2018 Q2
Quarterly report
9 Aug 18
10-Q
2018 Q1
Quarterly report
10 May 18
10-K
2017 FY
Annual report
28 Feb 18
Current reports
8-K
Submission of Matters to a Vote of Security Holders
12 Jun 20
8-K
Regulation FD Disclosure
28 May 20
8-K
Results of Operations and Financial Condition
7 May 20
8-K
Departure of Directors or Certain Officers
16 Apr 20
8-K
Results of Operations and Financial Condition
26 Feb 20
8-K
Entry into a Material Definitive Agreement
3 Feb 20
8-K
Results of Operations and Financial Condition
6 Nov 19
8-K
Robert A. Nerbonne Named to the Middleby Board of Directors
7 Aug 19
8-K
Results of Operations and Financial Condition
7 Aug 19
8-K
Submission of Matters to a Vote of Security Holders
3 Jun 19
Registration and prospectus
S-8
Registration of securities for employees
11 Jul 17
S-8
Registration of securities for employees
11 Aug 11
S-8
Registration of securities for employees
6 Nov 09
S-4/A
Registration of securities issued in business combination transactions (amended)
28 Nov 08
S-4/A
Registration of securities issued in business combination transactions (amended)
21 Nov 08
S-4/A
Registration of securities issued in business combination transactions (amended)
31 Oct 08
S-4
Registration of securities issued in business combination transactions
9 Sep 08
425
Business combination disclosure
15 Aug 08
425
Business combination disclosure
13 Aug 08
425
Business combination disclosure
12 Aug 08
Proxies
DEFA14A
Additional proxy soliciting materials
27 Apr 20
DEF 14A
Definitive proxy
27 Apr 20
PX14A6G
Letter to shareholders
23 Apr 19
DEFA14A
Additional proxy soliciting materials
18 Apr 19
DEF 14A
Definitive proxy
18 Apr 19
PX14A6G
Letter to shareholders
10 Apr 18
DEF 14A
Definitive proxy
29 Mar 18
DEF 14A
Definitive proxy
30 Mar 17
DEF 14A
Definitive proxy
1 Apr 16
DEF 14A
Definitive proxy
2 Apr 15
Other
SD
Conflict minerals disclosure
29 May 20
SD
Conflict minerals disclosure
31 May 19
SD
Conflict minerals disclosure
31 May 18
SD
Conflict minerals disclosure
31 May 17
NO ACT
No action letter
7 Feb 17
SD
Conflict minerals disclosure
31 May 16
UPLOAD
Letter from SEC
20 Jan 16
CORRESP
Correspondence with SEC
11 Jan 16
UPLOAD
Letter from SEC
17 Dec 15
SD
Conflict minerals disclosure
1 Jun 15
Ownership
SC 13G/A
MIDDLEBY / Capital Research Global Investors ownership change
10 Jun 20
SC 13G/A
MIDDLEBY / BlackRock ownership change
9 Jun 20
4
MIDDLEBY / Robert A Nerbonne ownership change
1 Jun 20
4
MIDDLEBY / Robert A Nerbonne ownership change
22 May 20
4
MIDDLEBY / Robert A Nerbonne ownership change
13 May 20
4
MIDDLEBY / Robert A Nerbonne ownership change
11 May 20
4
MIDDLEBY / TIMOTHY JOHN FITZGERALD ownership change
16 Apr 20
4
MIDDLEBY / TIMOTHY JOHN FITZGERALD ownership change
16 Apr 20
4
MIDDLEBY / David Brewer ownership change
16 Apr 20
4
MIDDLEBY / David Brewer ownership change
16 Apr 20
Patents
APP
Utility
Conveyor Oven Air System
25 Jun 20
A conveyor oven for cooking food and having an oven chamber in which food is cooked; a conveyor moveable to convey food within the oven chamber; a burner assembly operable to emit a flame to heat air for cooking food moving within the oven chamber on the conveyor; a burner tube extending into a compartment and positioned to receive at least a portion of the flame emitted by the burner assembly; and one or more passive tubes in the compartment positioned opposite the burner tube, wherein elongated baffles are located between adjacent passive tubes, wherein a baffle plate is located between the burner and passive tubes to restrict airflow from the burner tube to the passive tube, and/or wherein shelf assemblies in the oven enable movement (and in some cases removal) of a shelf with a corresponding fan and/or motor without disturbing other shelves and their corresponding fans and/or motors.
APP
Utility
Nitrogen Generator and Uses Thereof
18 Jun 20
A system and method to supply nitrogen gas is provided.
APP
Utility
Post-mix Nozzle
11 Jun 20
Disclosed is a post-mix beverage dispensing nozzle.
GRANT
Utility
Lever-switching multiple fluid-input beverage dispenser
9 Jun 20
A beverage dispensing apparatus including at least one multiple lever-switching assembly where the lever assembly has a plurality of levers and valves configured to dispense fluids, flavorings, syrups, and optionally pressurized gas through one or more channels in each of the assemblies.
GRANT
Utility
Alignment assembly
26 May 20
An alignment system is disclosed.